Archive · 8 Jan 2026
Large-caps offer attractive risk-reward: ASK Investment Managers
George Heber Joseph, the CEO of ASK Investment Managers, thinks large-cap stocks are a good investment right now.
He says these big companies are cheaper compared to smaller ones, and this hasn't happened in 20 years.
He believes large-caps will do well because they are safer and offer better returns.
He also thinks foreign investors will start putting money into these large-cap stocks again.
ASK is careful about new companies selling shares for the first time (IPOs) and prefers to invest in companies that have a good history.
In 2025, the market was uncertain because of global issues and different prices for big and small companies in India.
For 2026, he thinks large-cap stocks will be the best choice.
Large-cap stocks are currently more attractively valued compared to mid and small-caps, with a two-decade high valuation gap.
ASK Investment Managers is focusing on large-cap stocks, particularly Nifty 50 companies, for better risk-adjusted outcomes.
Foreign Institutional Investor (FII) flows are expected to return selectively, contingent on valuation comfort and rupee stability.
ASK adopts a cautious approach towards IPOs, preferring companies with a post-listing track record and proven governance.
The market in 2025 was characterized by global macro uncertainty and domestic valuation divergence, with mid and small caps trading at stretched multiples.
- Who
- George Heber Joseph, Chief Investment Officer and CEO of ASK Investment Managers
- What
- Large-cap stocks are currently more attractively valued compared to mid and small-caps
- When
- The valuation gap is at a two-decade high
- Where
- India
- Why
- Large-caps offer better valuation comfort, liquidity, and risk-adjusted outcomes
- Company
- ASK Investment Managers
- CEO
- George Heber Joseph
- Valuation Gap
- Two-decade high between large-cap and mid/small-caps
- Investment Focus
- Large-cap stocks, particularly Nifty 50 companies
- FII Flows
- Expected to return selectively based on valuation and rupee stability
- IPO Strategy
- Cautious, preferring post-listing track records and proven governance
- 2025 Market Trends
- Global macro uncertainty, domestic valuation divergence
- 2026 Outlook
- Large-cap equities for superior downside protection and attractive risk-reward
